Umaro Foods, a plant-based vegan bacon development company that caught the attention of viewers when it appeared on Season 13 Episode 18 of Shark Tank. Founded by Beth Zotter and Amanda Stiles, this innovative brand has made waves in the culinary world with its delicious meat-free alternative. As of 2023, Umaro Foods has achieved an impressive net worth of 15 million USD.
In this article, we’ll explore their exciting journey on Shark Tank, from their initial ask of $500,000 for a 2% equity to the incredible offer they accepted: $1 million for a 7% equity from Mark Cuban. Don’t miss out on this captivating tale of entrepreneurial triumph.
Umaro Foods Net Worth Update 2023
Here is an update on Umaro Foods’s net worth so far.
|Umaro Foods’s Net worth before appearing on Shark Tank||25 Million USD (business valuation)|
|Umaro Foods’s Current Net worth (2023)||15 Million USD|
Umaro Foods’s founders Zotter and Amanda have a net worth of 13.9 Million USD as of 2023.
What is the difference between vegan and vegetarianism is the most popular topic on social media these days. Not only that people are searching for how to become vegan and be healthy. It’s because many people are trying this new trend of being vegan due to different reasons. So, If you are one of them you should know about Umaro Foods.
What is Umaro Foods?
Umaro food is a plant-based vegan bacon development company. Its located in Albany, California, in the United States. According to Umaro Foods, they use Seaweed as their main food base. Also, the company is using innovative new technologies in the food industry such as seaweed farming.
Who is the owner of Umaro Foods?
Beth Zotter and Amanda Stiles, the co-founders of Umaro Foods. Beth Zotter is the CEO of the company. She had previously worked in the Bio Architecture Lab of a seaweed biofuels company. Amanda Stiles is a plant biochemist and worked in research areas before joining Umaro Foods.
What happened at the Shark Tank?
Beth Zotter and Amanda Stiles appeared on the Shark Tank Season 13 Episode 18. They were with the hope of $500,000 for 2% equity.
However, Robert Herjavec decided not to invest after hearing the product doesn’t have any sales.
Guest shark Emma Grede followed Robert and step out of the deal. Kevin O’Leary on the other hand interested in the product. So he offered them $500,000 for an 8% share of the company.
But Beth and Amanda suggested a $1 million for 8% equity. Mark Cuban was happy with that deal. But then Lori Greiner offered $500,000 for 4% equity. However, the deal was finally closed after Mark Cuban agreed to $1 million for 7% of shares.
Umaro Foods Shark Tank UPDATE
Firstly Beth and Amanda explained how seaweed products are the next innovative protein product in the world. Then they let the Sharks try their bacon. Though, everyone enjoyed the product Robert spat it out. But he appreciates the crispy version more than the chewy one.
They also explained how they are developing technologies for seaweed farming. Not only that they mentioned their planning on mass seaweed farming in the Gulf of Maine. The company planned to put products on the market by the end of 2022.
However, Company received a $ 3 million fund from a few foundations including Alexandria Venture Investment, Ahimsa foundation, and Impact science ventures. So, many people are interested in the product are wait until it reaches the market.
What happened to Umaro Foods after the Shark Tank?
Umaro foods receive huge popularity after the show officially aired. The company features its products on its Instagram pages. Also, they are updating their official sites as well. According to the reports, the products will be soon on the market without any changes in the formula.
Competitors of the Umaro Foods?
According to reports on the internet companies like Lightlife, Sweet Earth and Tofurky are producing similar products.